San Angelo Insurance – Overview
Insurance is a way of protection against financial loss. It’s a form of risk management, mostly utilized to mitigate the potential risk of some uncertain or contingent expense. An insurer is also referred to as an insurer, underwriter or risk management company. Insurance businesses are classified into three main types: life insurance companies, health insurance companies, and automobile insurance companies. In this article we will discuss more about insurance and its types. Get the facts about San Angelo Insurance
Life Insurance. Life insurance is designed to cover the funeral expenses of individuals under a family policy. When you purchase a life insurance policy, the insurance company pays the amount of death benefits (the lump sum) to the designated beneficiary. Typically, you pay a lump sum premium to the insurance company when you purchase a life insurance policy. This lump sum is used for various types of expenses such as expenses for taxes, capital gains, expenses to payout the death benefit and many other purposes.
Health Insurance. Health insurance is designed to cover the medical expenses of insured individuals in case they become sick and need medical care. Health insurance companies are categorized into two types: health insurance companies and group health insurance companies. As for health insurance companies, these are firms that sell insurance and engage in the business of selling insurance, while other health insurance companies are associations of companies that sell or offer group health insurance to individuals. As for group health insurance companies, these are employers, government organizations, labor unions, schools, hospitals and any other group that want to provide low cost group health insurance to their employees.